Neil Dutta

A lot of these names came public sort of recently, were in vogue.

The valuations were stupid.

The slowdown happened.

Consumer preference changed.

Shake Shack, nobody wants to eat a f***ing burger for lunch anymore.

The stock is getting destroyed.

Is that a reflection of a slowing macro environment?

I don't know.

I don't even know what the dollar stores tell you anymore about the state of the… It's how many Nitos we're buying.

Well, yeah.

Yeah.

But seriously, you look at Dollar Tree and Dollar General, when they're going up, is that because that particular consumer is doing better?

Is it because the middle income consumer is trading down?

I have no idea.

Now, obviously you can listen to the conference calls and they'll give you a little bit more information, but I think it's really tricky.

So I don't think the market is pricing in a slowdown.

I think it's sort of hard to say that.

Maybe the PE is coming in a little bit, which is probably healthy.

Like there's a little bit of a governor on the stock market, but I don't know.

What do you think?